Roth IRA Contribution and Income Limits 2022 and 2023

To contribute to a Roth IRA, single tax filers must have a modified adjusted gross income (MAGI) of less than $144,000 in 2022 or less than $153,000 in 2023. If married and filing jointly, your joint MAGI must be under $214,000 in 2022 or $228,000 in 2023.

Annual Roth IRA contribution limits in 2022 and 2023 are the same as traditional IRAs:

• Contribution limits for tax year 2022: $6,000 for people under 50, or $7,000 for people 50 and older.

• Contribution limits for tax year 2023: $6,500 for people under 50, or $7,500 for people 50 and older.

» Don't have an account? Here's how to open a Roth IRA

Roth IRA income limits

How much money you make affects the maximum amount you can contribute to a Roth IRA. For example, if your MAGI is less than $138,000 in 2023 and you're a single filer, you can contribute the full amount. If your MAGI is more than $138,000, but less than $153,000, you can contribute a reduced amount to a Roth.

To see who is eligible to contribute to a Roth IRA, check out the table below. (These Roth IRA income limits are based on modified adjusted gross income, which is your adjusted gross income with some deductions added back in.)

» Check out the full list of our top picks for best Roth IRA accounts

Can I contribute to a Roth IRA if my income is too high?

If your income is too high, you won't be able to contribute to a Roth IRA directly, but you do have an option to get around the Roth IRA income limit: a backdoor Roth IRA. This involves putting money in a traditional IRA and then converting the account to a Roth IRA. (Here's how to do a backdoor Roth IRA.)

Calculate your reduced Roth contribution

Contributing to a Roth (if you’re eligible) can be a great idea, even if your contribution is reduced because of your income.

Even if your contribution is at a reduced amount, your money will be contributed after taxes and you'll get to take distributions from a Roth IRA tax-free in retirement. Assuming you follow the Roth IRA withdrawal rules, you won’t pay taxes on any investment growth.

You’ll also gain some valuable tax diversification in retirement: Because Roth IRA distributions aren’t included in your income in retirement, pulling money from that pot in addition to a traditional IRA or 401(k) could keep you in a lower tax bracket, potentially reducing the taxes on your Social Security benefits and lowering Medicare premiums that increase at higher income levels. (Read more about the pros and cons of Roth IRAs.)

» Crunch the numbers with our Roth IRA calculator

Other Roth IRA rules

The fine print on Roth IRA contribution limits is that you can’t contribute more than your taxable compensation for the year. If, say, your earned income is $3,000, your Roth IRA contribution limit is also $3,000 for that year. If you don’t have any earned income during the year, you can’t contribute. (The exception is the spousal IRA, which allows a nonworking spouse to contribute to an IRA based on the taxable compensation of the working spouse.)

» Read more: Other important Roth IRA rules to know

Contributing too much to a Roth

Contributions in excess of the annual Roth IRA limits can trigger a penalty from the IRS that could easily wipe out any investment income.

But here’s the good news: You’re allowed to backtrack. If you realize your mistake prior to filing your tax return, withdraw the excess contributions and the earnings you received on them. If you’ve already filed, you can remove the excess and earnings within six months, and file an amended tax return. In both cases, you’ll pay taxes on the earnings but no penalty.

The other option is to reduce the following year’s contribution by the excess amount, but you’ll pay a 6% penalty on the excess that was contributed, for every year it remains in the account.